8-K: United States Gasoline Fund Reports $4.5 Million Net Income for January 2024

The United States Gasoline Fund, LP reported a net income of $4.5 million for the month of January 2024, driven by unrealized gains on commodity futures.

Summary

• The United States Gasoline Fund, LP released its monthly account statement for January 2024.
• The fund reported a net income of $4,499,035 for the month.
• This income was primarily driven by a $4,566,005 unrealized gain on the market value of commodity futures.
• The fund also experienced a $372,317 loss on realized trading of commodity futures.
• Other income sources included $157,376 in dividend income and $212,936 in interest income.
• Total expenses for the month were $65,665, including management, professional, and brokerage fees.
• The fund's net asset value increased from $84,898,069 at the beginning of the month to $89,282,144 at the end of January.
• The net asset value per share was $63.77 based on 1,400,000 shares.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the strong net income and increase in net asset value, although the realized trading loss and reliance on volatile commodity markets temper the overall outlook.

Positives

• The fund generated a substantial net income of approximately $4.5 million for the month.
• The increase in net asset value indicates positive performance for the month.
• The fund experienced significant unrealized gains on commodity futures.

Negatives

• The fund experienced a loss of $372,317 on realized trading of commodity futures.
• The fund incurred $65,665 in expenses for the month.

Risks

• The fund's performance is heavily reliant on the volatile commodity futures market.
• Realized losses on commodity futures trading can negatively impact overall profitability.

Management Comments

• The Chief Financial Officer, Stuart P. Crumbaugh, stated that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This report reflects the performance of a commodity-based exchange-traded fund (ETF) in a specific sector, which is subject to market fluctuations and commodity price volatility. The results are typical for such a fund, with gains and losses tied to the underlying commodity futures contracts.

Comparison to Industry Standards

• The fund's performance is comparable to other commodity-based ETFs that track gasoline futures.
• The reported net income and NAV changes are within the expected range for a fund of this type, given the market conditions during January 2024.
• It is difficult to make a direct comparison without knowing the specific holdings and strategies of other similar funds, but the results are not unusual.

Stakeholder Impact

• Shareholders will likely view the positive net income and increase in net asset value favorably.
• The fund's performance directly impacts the value of their investment.

Key Dates

Keywords

Gasoline Fund, Commodity Futures, Net Income, Net Asset Value, Financial Report, Monthly Account Statement